CaixaBank has worked together with Revelock, recently acquired by Feedzai , to develop a solution based on Artificial Intelligence that aims to prevent fraud in digital banking channels. The partnership is part of CaixaBank’s broader collaboration strategy with start-ups to identify top talent and accelerate innovation.
The technology, which is already integrated into CaixaBankNow, CaixaBank’s online banking platform , detects changes in customer behavior patterns during online transactions that may be the result of fraud attempts by cyber criminals.
The solution continuously assesses users’ online interactions and compares them with risk patterns, offering greater security to all users of CaixaBank’s online banking services .
Through this partnership, CaixaBank is reinforcing its strategy of applying state-of-the-art technologies to digitize its processes, create new financial services and control fraud. It is also making progress in applying biometrics to its security strategy, a technology that enhances identity security while remaining transparent to the customer.
CaixaBank has been a global pioneer in the development of projects involving biometric technology, such as using facial recognition in ATMs to make withdrawals without entering passwords.
Collaboration with start-ups
The project is also the result of the bank’s commitment to a strategy of collaboration with start-ups , which allows the bank to improve its agility and efficiency in innovation, speed up the time from idea to implementation and identify talent. In turn, for start-ups , collaborating with companies like CaixaBank allows them to grow quickly.
CaixaBank has been working with Revelock on digital security and fraud prevention projects since 2015.
CaixaBank, leader in innovation
Technology and digitization are fundamental to CaixaBank’s business model, which has more than ten million digital customers, the largest digital customer base in Spain.
Thanks to its digital transformation strategy, CaixaBank has become one of the best-regarded banks in the world for the quality of its digital products and services, with awards such as “Best Bank in Spain 2021” and “Best Banking Transformation in the World in 2021” by Euromoney, as well as “Best Bank in Spain and Western Europe in 2021” by Global Finance magazine in the USA.
These awards are added to those obtained in the areas of digital banking and innovation, such as “Outstanding Financial Innovator in Western Europe in 2021”, “Best Digital Consumer Bank in Spain in 2020” and “Best Mobile Consumer Banking Application in Western Europe in 2020”. In the area of private banking, CaixaBank was chosen “Best Private Bank for Big Data Analysis and AI in Europe in 2021”.
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